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14 storey office tower in Puteaux, adjacent to La Défense, Paris’ principal business district acquired with a vacancy rate of 30%
The 12,663m² property was held in a dysfunctional co-ownership structure with multiple owners meaning little had been done to enhance or improve the overall asset
The JV’s business plan is to renovate the vacant space, façade and public areas to facilitate lease up and to return the property towards market rents
Transaction Progress
100% ownership simultaneously acquired from three different sellers
Lease up has started at levels materially ahead of underwriting
Options being considered for refurbishment
Two vacant floors were stripped back and renovated
Current Status
Asset sold to our JV partner at a level materially above underwriting, generating a post tax IRR of 35% and a 2.7x multiple